05 - Laserfiche WebLink

approved, funds would be placed in a reserve account that the Center would draw down during the balance of Fiscal Year 2010 -11 under the oversight of City staff to fill funding gaps and to leverage other federal, state and private resources. These funds are in addition to funds already committed by the Cities (Pleasanton's contribution in FY 2010 -11 is $55,000). Funds drawn from the reserve will be used only after every effort is made to secure revenues by other means, including grant procurement and increasing revenues from services. The TVHOC would repay the Loan through the provision of in kind services to the jurisdictions rather than a cash repayment. Examples of these services include: • Provision of homebuyer orientations and financial education workshops throughout the TVHOC service area. • Homebuyer counseling to prepare low and moderate income families for homeownership using pre - purchase counseling sessions and a HUD - approved 8- hour curriculum. • Administration of the resale of below- market price- restricted homes developed under the Pleasanton Homeownership Assistance Program (PHAP). • Foreclosure counseling to assist impacted homeowners to apply to lenders to renegotiate existing loan packages through federal programs such as the Making Home Affordable Mortgage Program (HAMP) of 2009 and the Home Affordable Foreclosure Alternatives Program. • Foreclosure recovery assistance to households that have experienced foreclosure through the provision of housing resources and information, credit counseling, service referral, and other services aimed at economic recovery. • Continued provision of free tax assistance through the VITA program. During this restructuring period, the TVHOC's interim management, supported by its Board of Directors, will seek additional ongoing financial support through community partners, grant writing, increased client services and a fundraising campaign. The TVHOC Board has enlisted the support of the Tri- Valley Community Foundation which has offered to provide a wide variety of resources including technical assistance, grant writing support and aid in the development of a strategic plan, management analysis, and the development of a business plan and fundraising plan. With the new support of the Foundation, the Center has already received a commitment of $25,000 in grant funds from two local foundations. Dublin staff is taking the lead in preparing the joint loan agreement which will incorporate the terms negotiated among the participating cities and the TVHOC. In addition to directing the City Manager to negotiate and execute the joint agreement, the Council will also need to approve a budget change in the amount of $25,000 from the Lower Income Housing Fund. Page 3 of 4